Examples of Contract retainage in a sentence
No Contract retainage will be released prior to receipt of all approved As-Built Drawings.
All Contract retainage shall be released and paid to the Contractor and subcontractors pursuant to California Public Contract Code Section 7107.
In order to ensure the awarded Contractor’s complete and satisfactory performance of its duties under this Contract, the City shall withhold an amount of up to ten percent (10%) of each payment request submitted by the Contractor (i.e. the Contract retainage).
The Owner has the option to keep the Contract retainage of ten percent (10%) for a period of one (1) year from project completion in lieu of a maintenance bond.
Payment will be limited to 75% of the invoiced value of the materials less Contract retainage.
Upon Substantial Completion of the Contract, retainage may be reduced to five percent (5%) of the Contract amount or to an amount deemed sufficient by the Owner to protect his rights and interest for any remaining work to be completed or unresolved issues or disputes.
Contract retainage of 5%, payment of Development Fee on pro rata basis as construction proceeds (Developer’s return is really based on successful completion/construction – need to confirm), and the surety bonds.
Payment for the stored equipment and material which are on the site shall not exceed the invoiced amount for each item, less the Contract retainage.
Cash not pooled will be restricted to: o Contract retainage and lien deposits;o Deferred compensation deposits and investments;o Cash designated for Certificates of Participation, Full Faith and Credit, General Obligation, and Revenue Bond reserves;o Cash designated for construction payments;o Petty cash and other imprest funds.
The City or its duly authorized administrative agent, shall approve final payment for all work, materials or services furnished under this Contract retainage may be reduced upon issuance of the Certificate of Substantial Completion by the City if, in the sole opinion of the City, sufficient progress on the schedule has been accomplished, all required affidavits have been provided, and the City has retained adequate coverage for the project through the achievement of Final Completion.